Mission Viejo Home Sellers and Home Buyers Have to Know the Comps
There’s One Number at the Root of Advanced Math for Today’s Mission Viejo Home Sellers and Home Buyers
There are multiple terms that mean the same thing in Mission Viejo Real Estate, just like the Governator has more nicknames now than he did before he spilled the beans about his other child(ren.) Bank Owned and REO = same thing. Equity Seller, Non-Distressed Sale, and Standard Sale = same thing. So the most important number in the Mission Viejo Real Estate game today goes by many names. Comps, CMA, Current Market Value, Recent Closed Comps, and Recent Closed Sales = same thing. The operative words here being recent (as in within the last three months,) closed sale (as in actually traded hands for a verifiable price, ) and comparable (as in similar to your home in size, style, location, condition, and emotional appeal.) And it is equally important to both Mission Viejo Home Sellers and Mission Viejo Home Buyers. The one number that you’ll both have to agree on if you’re going to put a deal together.
For home sellers, you’ll be plowing your way through numbers like your expected net proceeds at different potential sales prices, capital gains limits (if you’re lucky,) your remaining loan balance, your required repair costs, and your moving costs. For home buyers, you’ve got the size of the loan you can qualify for, the amount of your down payment, monthly payments at different potential interest rates, property tax payments, and closing costs. Oh, and the cost of your appraisal and home inspection(s.)
Thing is, in all this quagmire of money going back and forth, the number that sits right in the middle of the whole deal is the current market value of the home you are selling or buying based on recently closed comparable sales. It will be a barometer for buyers – the way they’ll know what price to offer on your home. And a gauge for home sellers to know how to counter that low ball offer or figure out that you’d better take it while you can. And you’re all looking at the recent closed sales and adding and subtracting for similarities and differences between what has sold recently and the deal you are trying to put together.
Are sellers likely to think their home is better than the recent sales and therefore obviously worth more? Are buyers likely to discount the color of the granite and the quality of the new cabinets to justify a lower value than the one up the street? Of course. That’s why they call it negotiating. But if you come back to the comps, you’re much more likely to make a deal. Or know when it’s time to say Hasta La Vista, Baby. Next.
Call me if you want to see what the comps say about your Mission Viejo home. Or any other great Orange County home. Leslie 949-678-3373